- Safello is launching the first exchange-traded product (ETP) for the Bittensor (TAO) token.
- The Safello Bittensor Staked TAO ETP will list on the SIX Swiss Exchange on November 19.
- The product includes staking rewards that are automatically reinvested, reflected in its Net Asset Value (NAV).
- Bittensor is a decentralized AI network where participants earn TAO tokens by contributing to machine learning development.
- The launch aligns with a growing wave of crypto ETFs, including recent Solana and Litecoin funds.
Safello, a Nordic cryptocurrency exchange, will enter the exchange-traded product (ETP) market by launching the first Bittensor (TAO) ETP. The new product, named the Safello Bittensor Staked TAO ETP (STAO), is set to begin trading on November 19 on the SIX Swiss Exchange. This move aims to increase investor access to Bittensor, a blockchain-based Artificial Intelligence project.
The ETP will charge a management fee of 1.49%. It is issued by Deutsche Digital Assets (DDA), a crypto asset manager supported by Germany’s Deutsche Bank. The TAO tokens are securely stored in cold storage with a regulated custodian to ensure safety. Investors will earn staking rewards from the product, which are automatically reinvested and contribute to the fund’s Net Asset Value (NAV).
“This is an important milestone for our new business area,” said Emelie Moritz, CEO of Safello. “The Safello TAO ETP will, as the first product from Safello, increase accessibility to Bittensor – one of the most exciting networks at the intersection of blockchain and AI.” A spokesperson for DDA added that their strategy is to establish themselves as an independent crypto ETP issuer and white label partner, supporting compliant crypto investment products.
Bittensor operates as a decentralized and open-source machine learning network that allows developers to build and monetize AI models without relying on centralized authorities. Its system features specialized subnets focused on different AI applications, where developers, miners, and validators collaborate. Participants earn TAO tokens as rewards for their contributions.
This launch follows a surge in crypto exchange-traded funds entering the market. For example, Bitwise recently debuted a Solana Staking ETF with $222.8 million in assets. Other funds, such as Litecoin and Hedera ETFs, are also expected to begin trading soon. Additionally, Hong Kong approved its first spot Solana ETF last week, joining previous approvals for Bitcoin and Ether spot ETFs.
For more details, see the official announcement.
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